Sandwell Bitcoin mine found stealing electricity

[Brooksie359]

5 hours ago, CircleTech said:

It's not the Crypto itself that you the reader (and i'm guessing Gamer) seem to hate, it's a rampant price-speculation that happens in Crypto every few years that steals GPU stock from gamers who believe they are "owed" such products at a reasonable price. 

 

Once new Cryptos come out that choose to mine with "proof-of-stake" as opposed to "proof-of-work", GPU prices will stop undergoing these boom-and-bust cycles of pricing. Although Rasberry pi's may face a shortage instead.

 

New real-world uses for Blockchain are developing as we speak from decentralized exchanges to voting. This field isn't going away anytime soon, and will challenge mainstream finance in the coming decades.

 

 

I think many people don't like the wasteful nature of it. It sucks up alot of electricity and runs 24/7 meaning it is a constant drain of electricity. If it does go to proof of stake then I won't care much anymore as that solves that issue. I also think some like me think the idea of it being actually a successful decentralized currency is pure fantasy. Also the negative effects of the spikes in demand for chip manufacturers is definitely not fun and is honestly not something that solely effects gamers. 

[whm1974]

On 5/29/2021 at 10:18 AM, Mark Kaine said:

Can you explain the difference? I mean specifically:  *what* will be used for "proof of stake"?

You mentioned rasperry pi, implying still some sort of computer being used, and what does that computer do specifically that speed doesnt matter as much?

 

You can network them into a Beowulf Cluster and they all will work together in one Box. Will that be worth doing for Coin Mining? Well yes given there Credit Card size, low power usage, and low heat output.

 

There is a YouTube Video about this. I'll post Link if I can find it.

[SansVarnic]

-= Topic moved to Folding@home, Boinc, and Coin Mining =-

[tikker]

On 5/29/2021 at 5:18 PM, Mark Kaine said:

Can you explain the difference? I mean specifically:  *what* will be used for "proof of stake"?

You mentioned rasperry pi, implying still some sort of computer being used, and what does that computer do specifically that speed doesnt matter as much?

 

Proof of work is what Bitcoin, Ethereum and a bunch of others currently do. You basically guess a number (the hash, which is why we call it hashrate) and check if it adheres to the rules which set the difficulty. This is something like "must start with X zeroes". Once you find that hash, you are allowed to add a block with those transactions to the blockchain and are paid the block reward. You verify them, and add said block to the chain. Bitcoin and Ethereum aim for block times of ~10 minutes and ~13 seconds respectively, so the difficulty scales with total hashpower. This leads to the runaway increase in required hashpower the more miners join.

 

Verifying transactions is peanuts. You just check if all the balances match and the coin hasn't been spent already. The key point for proof of work is that you have to "work" to get the right to add to the blockchain. This adds a defense mechanism in the sense that the majority is unlikely to be willing to put much work into fraudulent blocks and that you can have malicious actors in the network as long as honest workers outnumber them. The latter part is true, because the network will take the longest chain as the truth.

 

For proof of stake you don't proof you have putten in the work by trying a billion hashes, but you proof you have stake in the chain by holding funds. It won't matter if you have 100 RTX 3090s or a single GT 710. Verfiers are essentially randomly selected based on the amount of currency they hold and possibly other factors. If you get selected, you do the math, find the hash and add the block to the chain. The immediate benefit is that this way you can essentially tremendously lower the difficulty such that even a RBPi can do it. It's also much more scalable as increasing the number of actors on the network does not increase the compute power required to find those hashes.

 

TL;DR Proof of work is essntially a free for all number guessing game and the more people mine the harder it gets and more compute power will be required. Proof of stake will choose miners based on how much they are invested in the network by holding their coin and not their compute power.